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Massey Knakal And Douglas Elliman Sell Office Building In West Chelsea

02/14/2014

An office building at 555 West 25th Street, located between Tenth and Eleventh in Manhattan’s West Chelsea neighborhood, was sold in an all-cash transaction valued at $27,000,000.

This six-story building contains approximately 40,856 square feet and sits on a 75’ x 98.75’ lot.  It also contains a sellable lower level.  The current rentable area is approximately 41,787 square feet.  Built in 1891 and completely renovated in 1985, the building is fully occupied by a gallery, showroom, and creative tenants.  It is exceedingly rare to find a building of this quality with rents so far below market.  Floors feature over 12’ high ceilings and ample light and air, leading itself to possible showroom space for galleries. The sale price equates to approximately $665 per square foot or a 2.25% capitalization rate.

Dominated by creative firms, art galleries and young professionals, the West Chelsea neighborhood has grown exponentially since the inception of the High Line, a public park built on a historic freight rail line elevated above the streets that runs from Gansevoort Street to West 30th Street, between Tenth and Eleventh Avenues.

“Rents throughout the property are roughly half of today’s market, so there is a tremendous amount of upside,” said Massey Knakal’s Brock Emmetsberger, who handled this transaction with James P. Nelson, who added, “The building benefited from high loft ceilings and windows on four sides on the above floors, which made it very desirable.”  The transaction was handled with Leonard Steinberg and Yoko Sanada of Douglas Elliman.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

02/14/2014 - 10:11

Source

Cushman & Wakefield Capital Markets Group New York

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